With many insurance companies, you may be asked to choose between critical illness insurance and cancer insurance. This can be a big decision, because it can impact whether you will receive money when you are seriously ill, and in the short term how much you will be paying for your policy. It is, therefore, important to understand the difference between critical illness insurance and cancer insurance.

What is the Difference Between Critical Illness Insurance and Cancer Insurance?

Extent of Coverage

With cancer insurance, you will only be covered in the event of suffering from cancer. The money received from the policy will be used to cover the expenses related to cancer, which can be rather hefty, particularly during the later stages of the condition.

Since cancer coverage will be an add-on to your standard health insurance, you can be rest assured that the payment you receive will be far higher. This can lead to better medical care. This is important if you are suffering from serious forms of cancer, because insurance companies will not always pay for the most expensive treatments.

Many people will opt for critical illness cover, because not only will it provide coverage should you end up suffering from cancer, but it will provide a payment in the event of several other serious conditions such as:

  • Stroke
  • Heart attack
  • Coma

Basically, any condition where there is a risk of death. However, it is important that you read the information included in the plan that you have received. In most cases, you will only be covered for the first critical illness. At that point, your policy will terminate and you will not have coverage for any other critical conditions and, as a result, these will be covered under your standard health insurance policy which will have limitations built into it.

It is worth noting that some critical illness insurance policies will only provide a payment for cancer should cancer reach an advanced stage. Therefore, if you do have a higher risk of cancer due to a family history, it may be worth opting for cancer insurance in addition to critical illness insurance. Both of these will likely be available as an add-on for your standard health insurance policy.

Cancer Insurance is Less Expensive

Despite the majority of claims on critical illness insurance being for cancer, opting solely for a cancer insurance plan will save you money. However, do bear in mind that you will only be covered in the event of cancer. Therefore, it is not worth opting for a cancer-only plan. If you end up suffering from a heart attack, stroke, coma etc. then you will not receive a payout on your plan, which could leave you with financial issues.

No matter which policy you do end up searching for, make sure that it is the correct one for your needs. Do make sure that you read through the terms and conditions of any policy to know exactly what you can expect should you end up suffering from a serious condition. You need to ensure that you are receiving the biggest amount of coverage for a competitive price.

Talk to our experienced insurance agent and get advice on the best critical illness insurance in Singapore now.